Before you sign that Loan Modification Agreement . . .
We all know to read an agreement before we sign it. DON'T WE? Well what if the agreement sounds perfect? Could there be something missing? YES !!!
A client received an offer that was perfect. The lender reduced their interest rate from 6.375% to 2% for 2 years then gradually goes up to cap off at 5.25%. It wasn't perfect but they were pleased they could keep their home. Please they could afford the new payment at least for the next 2 or 3 years!
BUT, the agreement didn't say what the lender was going to do with their ESCROW ACCOUNT! How would they handle that being a negative number after paying this year's taxes and insurance?
It looks like their payment that would go down $1000 a month from the lower interest rate, would go back up $800 a month to make up for the escrow shortage over the next year! They called and resolved it as part of their agreement. SO MAKE SURE YOU LOOK AT THE WHOLE PICTURE BEFORE YOU SIGN!!!
Richard Shuman REALTOR/BROKER/OWNER - Preferred Realty of Florida www.SKIPtheBULL.com
Thank you very much once again for your guidance in selecting a Townhouse for my daughter. Your straightforward and professional approach was not only impressive but greatly appreciated ! Rene
: "Over the year that it took to sell our house in Knoxville and buy a house in Winter Springs I had the opportunity to spend a lot of time with Richard Shuman. From the beginning he understood what we wanted to buy. He took us to a good selection of homes in Winter Springs and we managed to refine what and where we were hoping to buy. When our house in Knoxville finally sold Richard moved into high gear with us to find an excellent house and help us negotiate a good deal. He handled all the transactions, including our mortgage, with a high degree of professional competence and efficiency. Our closing went smoothly and effortlessly and we moved in just 7 days after closing on the sale of our Knoxville house. Perfect timing! My wife and I recommend Richard, especially to "experienced" buyers, because of his ability to quickly learn what the buyers are looking to purchase and then his laser sharp focus on helping them find it." Dave W.
"Richard was everything that I wanted in a realtor!! He listened to what I wanted and delivered. I flew in from Ohio for a weekend in order to buy a house. We went out and in one day had the offer accepted on a wonderful house. He continued to help me throughout the closing process and even set me up with a great insurance agent. I would definitely recommend Richard to anyone that is looking to buy or sell a home with out dealing with all the BULL!! Thank you so much Richard!!" Dr Marian M.
"Richard was very helpful in the search for our home. He went out of his way to take us around to different locations meeting our criteria, even one that was not on our list-which is the one we bought! He was very prompt in returning calls and aiding us with financing. He played the advocate for us with our mortgage lender. The whole process was pleasant and almost stress free." Amanda H.
Richard Shuman REALTOR
Central Florida Real Estate including Seminole County Real Estate, Orange County Real Estate, Lake County Real Estate, Polk County Real Estate, West Volusia Real Estate and Osceola County Real Estate. Citys include but not limited to Oviedo Real Estate, Winter Springs Real Estate, Winter Park Real Estate, Lake Mary Real Estate, Casselberry Real Estate, Altamonte Springs Real Estate, Orlando Real Estate, Chuluota Real Estate, Sanford Real Estate, Clermont Real Estate, Davenport Real Estate, Apopka Real Estate, Deltona Real Estate and Debary Real Estate as well as most others in Central Florida. Homes in Live Oak Reserve, Stoneybrook, Eastwood, the Sanctuary, Lake Jean, Oviedo Forest, Oviedo Park, Carillon, Winding Hollow, Baldwin Park, College Park and most others!!!